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In 2008, SIAO, a Professional Services Firm in Lagos, noticed extreme gaps in the financial sector and lack of access to finance by the ‘unbanked’ and ‘underserved’ in Nigeria. Access to finance for these identified categories of people will help facilitate immense development within the Nigerian Economy.

With the expansion of the capital base of banks in 2005, it was expected that many consumers would have greater access to credit to improve their standard of living. However, the desired impact has not been achieved mainly due to the low financial literacy level and the absence of a consolidated credit awareness system.

 

Credit Awareness (a not-for-profit organization) was therefore established by SIAO in 2008 with the full approval of the Central Bank of Nigeria (CBN) to address these gaps in financial literacy and financial inclusion in Nigeria.